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Lithia & Driveway (LAD) Reports Highest Second Quarter Earnings In Company History; Increases Revenue 118% And EPS 218%

Announces Dividend Of $0.35 Per Share For Second Quarter

PR Newswire


MEDFORD, Ore.
, July 21, 2021 /PRNewswire/ — Lithia & Driveway (NYSE: LAD) today reported the highest second quarter revenue and earnings per share in company history.

Second quarter 2021 revenue increased 118% to $6.0 billion from $2.8 billion in the second quarter of 2020.

Second quarter 2021 net income per diluted share was $10.75, a 218% increase from $3.38 per diluted share reported in the second quarter of 2020. Adjusted second quarter 2021 net income per diluted share was $11.12, an 199% increase compared to adjusted net income of $3.72 per diluted share in the same period of 2020.

Second quarter 2021 net income was $305 million, a 292% increase compared to net income of $78 million in the same period of 2020. Adjusted second quarter 2021 net income was $315 million, a 269% increase compared to adjusted net income of $86 million for the same period of 2020.

As shown in the attached non-GAAP reconciliation tables, the 2021 second quarter adjusted results exclude a $0.37 per diluted share net non-core charge related to acquisition expenses, net loss on sale of stores, and insurance reserves, partially offset by a a non-cash unrealized investment gain. The 2020 second quarter adjusted results exclude a $0.34 per diluted share net non-core charge due to asset impairment, insurance reserves, and acquisition expenses, partially offset by a net gain on sale of stores and a tax attribute.


Second Quarter-over-Quarter Comparisons and Operating Highlights:


  • Total company revenues increased 117.8%

  • New vehicle retail sales increased 130.0%

  • Used vehicle retail sales increased 95.7%

  • Driveway milestone reached of 500 transactions in June

  • F&I per unit increased 16.4% to $1,854

  • Service, body, and parts revenues increased 89.1%

  • Total vehicle gross profit per unit increased 41.3% to $5,723

  • Adjusted SG&A as a percentage of gross profit improved by 900 basis points from 64.7% to 55.7%

“Our team’s high performance, alongside the robust, demand-driven retail environment in the second quarter, resulted in same store revenue growth of 20% for new vehicles, 49% for used vehicles, 39% for F&I and 3% for service, body and parts compared to 2019,” said Bryan DeBoer, Lithia & Driveway, President and CEO. “We achieved our initial Driveway monthly volume milestone in the final month of the quarter and are on pace to reach our target of 15,000 Driveway transactions this year. Combined with our outpaced growth in our core business and network development, we are considerably ahead of our year one goals laid out in our 5-Year Plan announced in July 2020.”

For the first six months of 2021 revenues increased 86% to $10.4 billion, compared to $5.6 billion in 2020.

Net income for the first six months of 2021 was $16.69 per diluted share, compared to $5.32 per diluted share in 2020, an increase of 214%. Adjusted net income per diluted share for the first six months of 2021 increased 201% to $17.15 from $5.70 in the same period of 2020.


Corporate Development


During the quarter, we completed numerous acquisitions that in total are expected to contribute $3.7 billion in annualized revenue. These acquisitions strategically added density in key geographic markets and increased our nationwide footprint.

“With 40% of our targeted $20 billion revenue acquired in the first year of our 5-Year Plan, we are well ahead of schedule and are only getting started,” said DeBoer. “Our acquisition pipeline is more active than we have ever seen and we are well positioned to continue to aggressively pursue our goal of achieving $50 billion in revenue and $50 of earnings per share.”


Balance Sheet Update


We ended the second quarter with approximately $2.6 billion in cash and availability on our revolving lines of credit. In addition, our unfinanced real estate could provide additional liquidity of approximately $655 million.


Dividend Payment


Our Board of Directors approved a dividend of $0.35 per share related to second quarter 2021 financial results. We expect to pay the dividend on August 27, 2021 to shareholders of record on August 13, 2021.


Second Quarter Earnings Conference Call and Updated Presentation


The second quarter 2021 conference call may be accessed at 10:00 a.m. ET today by telephone at 877-407-8029. An updated presentation highlighting the second quarter 2021 results has been added to our investor relations website. To listen live on our website or for replay, visit www.lithiainvestorrelations.com and click on webcasts.


About Lithia & Driveway (LAD)


LAD is a growth company powered by people and innovation with a 5-Year Plan to profitably consolidate the largest retail sector in the country. As the leading provider of personal transportation solutions in the United States, LAD is among the fastest-growing companies in the Fortune 500 (#2 on 10-Year EPS Growth, #3 on 10-Year TSR and #12 on 10-year Revenue growth in 2021). By providing a wide array of products and services for the entire vehicle ownership lifecycle through various consumer channels, they build magnetic brand loyalty. Operational excellence is achieved by focusing the business on convenient and transparent consumer experiences supported by proprietary data science to increase market share, consumer loyalty and profitability. LAD’s omni-channel strategy will continue to pragmatically disrupt the industry by leveraging experienced teams, vast owned inventories, technology, and physical network. Continuing to lead the industry’s consolidation and Driveway’s e-commerce in-home experiences further accelerates the massive regenerating capital engine. Together, these endeavors create a unique and compelling high-growth strategy that provides transportation solutions wherever, whenever, and however consumers desire.


Sites




www.lithia.com





www.lithiainvestorrelations.com





www.lithiacareers.com





www.driveway.com


Lithia & Driveway on Facebook




https://www.facebook.com/LithiaMotors





https://www.facebook.com/DrivewayHQ


Lithia & Driveway on Twitter




https://twitter.com/lithiamotors





https://twitter.com/DrivewayHQ


Forward-Looking Statements


Certain statements in this presentation, and at times made by our officers and representatives, constitute forward-looking statements within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. Generally, you can identify forward-looking statements by terms such as “project”, “outlook”, “target”, “may”, “will”, “would”, “should”, “seek”, “expect”, “plan”, “intend”, “forecast”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “likely”, “goal”, “strategy”, “future”, “maintain”, and “continue” or the negative of these terms or other comparable terms. Examples of forward-looking statements in this presentation include, among others, statements regarding:


  • Future market conditions, including anticipated car sales levels;

  • Anticipated impacts of the continued COVID-19 pandemic on the U.S. and local economies in which we operate, our business operations and consumer demand;

  • Continuation of our sales and services, including in-store appointments and home deliveries;

  • Expected growth from our e-commerce home solutions and digital strategies;

  • Expected operating results, such as improved store performance; continued improvement of selling, general and administrative expenses (“SG&A”) as a percentage of gross profit and all projections;

  • Anticipated integration, success and growth of acquired stores;

  • Anticipated ability to capture additional market share;

  • Anticipated ability to find accretive acquisitions;

  • Expected revenues from acquired stores;

  • Anticipated synergies, ability to monetize our investment in digital innovation;

  • Anticipated additions of dealership locations to our portfolio in the future;

  • Anticipated financial condition and liquidity, including from our cash, availability on our credit facility and unfinanced real estate;

  • Anticipated use of proceeds from our financings;

  • Anticipated allocations, uses and levels of capital expenditures in the future;

  • Expectations regarding compliance with financial and restrictive covenants in our credit facility and other debt agreements;

  • Statements regarding furloughed employees and cost reductions;

  • Expectations regarding programs and initiatives for employee recruitment, training, and retention; and

  • Our strategies for customer retention, growth, market position, financial results and risk management.

Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements in this presentation. Therefore, you should not rely on any of these forward-looking statements. The risks and uncertainties that could cause actual results to differ materially from estimated or projected results include, without limitation:


  • Future economic and financial conditions (both nationally and locally), including as a result of the COVID-19 pandemic;

  • Changes in customer demand, our relationship with, and the financial and operational stability of, vehicle manufacturers and other suppliers;

  • Risks associated with our indebtedness (including available borrowing capacity, compliance with financial covenants and ability to refinance or repay indebtedness on favorable terms);

  • The adequacy of our cash flow and earnings and other conditions which may affect our ability to pay our quarterly dividend at the planned level;

  • Disruptions to our technology network including computer systems and software, as well as natural events such as severe weather, fires, floods and earthquakes or man-made or other disruptions of our operating systems, structures, facilities or equipment; and

  • Government regulations and legislation, and other risks set forth throughout “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in “Part I, Item 1A. Risk Factors” of our most recent Annual Report on Form 10-K, and in “Part II, Item 1A. Risk Factors” of our Quarterly Reports on Form 10-Q, and from time to time in our other filings with the SEC.

Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by law, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.


Non-GAAP Financial Measures


This presentation contains non-GAAP financial measures such as adjusted net income and diluted earnings per share, adjusted SG&A as a percentage of revenue and gross profit, adjusted operating margin, adjusted operating profit as a percentage of revenue and gross profit, adjusted pre-tax margin and net profit margin, EBITDA, adjusted EBITDA, leveraged EBITDA and adjusted total debt. Non-GAAP measures do not have definitions under GAAP and may be defined differently by and not comparable to similarly titled measures used by other companies. As a result, we review any non-GAAP financial measures in connection with a review of the most directly comparable measures calculated in accordance with GAAP. We caution you not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable GAAP measures. We present cash flows from operations in the attached tables, adjusted to include the change in non-trade floor plan debt to improve the visibility of cash flows related to vehicle financing. As required by SEC rules, we have reconciled these measures to the most directly comparable GAAP measures in the attachments to this release. We believe the non-GAAP financial measures we present improve the transparency of our disclosures; provide a meaningful presentation of our results from core business operations, because they exclude items not related to core business operations and other non-cash items; and improve the period-to-period comparability of our results from core business operations. These presentations should not be considered an alternative to GAAP measures.


Lithia Motors, Inc.


Consolidated Statements of Operations (Unaudited)

(In millions except per share data)



Three months ended June 30,


%



Six months ended June 30,


%



Increase



Increase


2021


2020



(Decrease)


2021


2020



(Decrease)



Revenues:

New vehicle retail

$

3,146.2

$

1,367.8

130.0

%

$

5,339.5

$

2,741.3

94.8

%

Used vehicle retail

1,804.9

922.2

95.7

3,157.0

1,796.5

75.7

Used vehicle wholesale

217.4

51.3

323.8

352.6

118.0

198.8

Finance and insurance

269.6

124.9

115.9

467.9

246.7

89.7

Service, body and parts

521.0

275.5

89.1

925.0

605.4

52.8

Fleet and other

50.3

16.9

197.6

110.4

54.4

102.9



Total revenues


6,009.4


2,758.6


117.8


%


10,352.4


5,562.3


86.1


%



Cost of sales:

New vehicle retail

2,832.5

1,275.6

122.1

4,869.0

2,570.9

89.4

Used vehicle retail

1,572.3

823.9

90.8

2,788.3

1,608.3

73.4

Used vehicle wholesale

201.0

49.2

308.5

331.6

115.3

187.6

Service, body and parts

242.9

131.1

85.3

428.6

292.8

46.4

Fleet and other

50.1

14.4

247.9

108.8

49.7

118.9



Total cost of sales

4,898.8

2,294.2

113.5

8,526.3

4,637.0

83.9



Gross profit


1,110.6


464.4


139.1


%


1,826.1


925.3


97.4


%

Asset impairments

—

7.9

NM

—

7.9

NM

SG&A expense

634.0

304.5

108.2

1,084.2

650.5

66.7

Depreciation and amortization

30.3

22.3

35.9

57.2

44.3

29.1



Income from operations


446.3


129.7


244.1


%


684.7


222.6


207.6


%

Floor plan interest expense

(6.4)

(8.1)

(21.0)

(13.3)

(22.1)

(39.8)

Other interest expense

(28.1)

(16.8)

67.3

(51.6)

(33.8)

52.7

Other income, net

7.6

3.5

NM

11.1

5.8

NM



Income before income taxes


419.4


108.3


287.3


%


630.9


172.5


265.7


%

Income tax expense

(114.5)

(30.6)

274.2

(169.8)

(48.6)

249.4

Income tax rate

27.3

%

28.3

%

26.9

%

28.2

%



Net income


$


304.9


$


77.7


292.4


%


$


461.1


$


123.9


272.2


%



Diluted net income per share:

Net income per share

$

10.75

$

3.38

218.0

%

$

16.69

$

5.32

213.7

%

Diluted shares outstanding

28.4

23.0

23.5

%

27.6

23.3

18.5

%

NM – not meaningful

 


Lithia Motors, Inc.


Key Performance Metrics (Unaudited)



Three months ended June 30,


%



Six months ended June 30,


%



Increase



Increase


2021


2020



(Decrease)


2021


2020



(Decrease)




Gross margin

New vehicle retail

10.0

%

6.7

%

330

bps

8.8

%

6.2

%

260

bps

Used vehicle retail

12.9

10.7

220

11.7

10.5

120

Finance and insurance

100.0

100.0

—

100.0

100.0

—

Service, body and parts

53.4

52.4

100

53.7

51.6

210

Gross profit margin

18.5

16.8

170

17.6

16.6

100




Unit sales

New vehicle retail

75,176

34,869

115.6

%

129,040

70,776

82.3

%

Used vehicle retail

70,254

43,505

61.5

129,281

86,136

50.1

Total retail units sold

145,430

78,374

85.6

258,321

156,912

64.6




Average selling price

New vehicle retail

$

41,852

$

39,226

6.7

%

$

41,379

$

38,732

6.8

%

Used vehicle retail

25,691

21,196

21.2

24,420

20,857

17.1




Average gross profit per unit

New vehicle retail

$

4,173

$

2,643

57.9

%

$

3,646

$

2,407

51.5

%

Used vehicle retail

3,311

2,259

46.6

2,852

2,185

30.5

Finance and insurance

1,854

1,593

16.4

1,811

1,572

15.2

Total vehicle(1)

5,723

4,050

41.3

5,141

3,875

32.7




Revenue mix

New vehicle retail

52.4

%

49.6

%

51.6

%

49.3

%

Used vehicle retail

30.0

33.4

30.5

32.3

Used vehicle wholesale

3.6

1.9

3.4

2.1

Finance and insurance, net

4.5

4.5

4.5

4.4

Service, body and parts

8.7

10.0

8.9

10.9

Fleet and other

0.8

0.6

1.1

1.0




Gross Profit Mix

New vehicle retail

28.2

%

19.8

%

25.8

%

18.4

%

Used vehicle retail

20.9

21.2

20.2

20.3

Used vehicle wholesale

1.5

0.5

1.2

0.3

Finance and insurance, net

24.3

26.9

25.6

26.7

Service, body and parts

25.1

31.0

27.1

33.8

Fleet and other

—

0.6

0.1

0.5



Adjusted



As reported



Adjusted



As reported



Three months ended
June 30,



Three months ended
June 30,



Six months ended
June 30,



Six months ended
June 30,




Other metrics


2021


2020


2021


2020


2021


2020


2021


2020

SG&A as a % of revenue

10.3

%

10.9

%

10.5

%

11.0

%

10.3

%

11.6

%

10.5

%

11.7

%

SG&A as a % of gross profit

55.7

64.7

57.1

65.6

58.4

69.7

59.4

70.3

Operating profit as a % of revenue

7.7

5.1

7.4

4.7

6.8

4.2

6.6

4.0

Operating profit as a % of gross profit

41.6

30.5

40.2

27.9

38.5

25.5

37.5

24.1

Pretax margin

7.2

4.4

7.0

3.9

6.3

3.3

6.1

3.1

Net profit margin

5.2

3.1

5.1

2.8

4.6

2.4

4.5

2.2



(1)

Includes the sales and gross profit related to new, used retail, used wholesale and finance and insurance and unit sales for new and used retail 

 


Lithia Motors, Inc.


Same Store Operating Highlights (Unaudited)



Three months ended
June 30,


%



Six months ended
June 30,


%



Increase



Increase


2021


2020



(Decrease)


2021


2020



(Decrease)




Revenues

New vehicle retail

$

2,078.1

$

1,338.8

55.2

%

$

3,801.6

$

2,671.9

42.3

%

Used vehicle retail

1,342.7

902.1

48.8

2,462.2

1,751.5

40.6

Finance and insurance

183.6

122.4

50.0

337.2

241.2

39.8

Service, body and parts

352.3

269.9

30.5

668.3

589.1

13.4

Total revenues

4,128.1

2,700.2

52.9

7,596.7

5,421.9

40.1




Gross profit

New vehicle retail

$

209.8

$

90.2

132.6

%

$

336.5

$

166.4

102.2

%

Used vehicle retail

180.4

97.1

85.8

300.2

185.5

61.8

Finance and insurance

183.6

122.4

50.0

337.2

241.2

39.8

Service, body and parts

193.3

141.5

36.6

362.2

304.3

19.0

Total gross profit

777.1

455.8

70.5

1,350.8

904.9

49.3




Gross margin

New vehicle retail

10.1

%

6.7

%

340

bps

8.9

%

6.2

%

270

bps

Used vehicle retail

13.4

10.8

260

12.2

10.6

160

Finance and insurance

100.0

100.0

—

100.0

100.0

—

Service, body and parts

54.9

52.4

250

54.2

51.7

250

Gross profit margin

18.8

16.9

190

17.8

16.7

110




Unit sales

New vehicle retail

49,181

34,069

44.4

%

91,592

68,870

33.0

%

Used vehicle retail

51,806

42,495

21.9

101,075

83,823

20.6




Average selling price

New vehicle retail

$

42,255

$

39,296

7.5

%

$

41,506

$

38,797

7.0

%

Used vehicle retail

25,918

21,228

22.1

24,360

20,895

16.6




Average gross profit per unit

New vehicle retail

$

4,266

$

2,646

61.2

%

$

3,674

$

2,416

52.1

%

Used vehicle retail

3,483

2,285

52.4

2,970

2,212

34.3

Finance and insurance

1,818

1,599

13.7

1,750

1,579

10.8

Total vehicle(1)

5,778

4,072

41.9

5,121

3,903

31.2



(1)

Includes the sales and gross profit related to new, used retail, used wholesale and finance and insurance and unit sales for new and used retail 

 


Lithia Motors, Inc.


Other Highlights (Unaudited)



As of



June 30,



December 31,



June 30,


2021


2020


2020




Days Supply




(1)

New vehicle inventory

23

50

61

Used vehicle inventory

58

65

47



(1)

Days supply calculated based on current inventory levels, excluding in-transit vehicles, and a 30-day historical cost of sales level.

 




Financial covenants




Requirement



As of June 30, 2021

Current ratio

Not less than 1.10 to 1

1.68 to 1

Fixed charge coverage ratio

Not less than 1.20 to 1

6.82 to 1

Leverage ratio

Not more than 5.75 to 1

1.95 to 1

 


Lithia Motors, Inc.


Condensed Consolidated Balance Sheets (Unaudited)

(In millions)



June 30, 2021



December 31, 2020

Cash and cash equivalents

$

780.9

$

160.2

Trade receivables, net

799.7

614.0

Inventories, net

2,238.8

2,492.9

Other current assets

51.4

70.5



Total current assets


$


3,870.8


$


3,337.6

Property and equipment, net

2,299.3

2,197.5

Intangibles

987.0

943.2

Other non-current assets

2,935.4

1,423.8



Total assets


$


10,092.5


$


7,902.1

Floor plan notes payable

1,252.0

1,797.2

Other current liabilities

1,343.8

682.5



Total current liabilities


$


2,595.8


$


2,479.7

Long-term debt

2,521.9

2,064.7

Other long-term liabilities and deferred revenue

746.4

696.2



Total liabilities


$


5,864.1


$


5,240.6

Stockholder’s Equity

4,228.4

2,661.5



Total liabilities & stockholders’ equity


$


10,092.5


$


7,902.1

 


Lithia Motors, Inc.


Summarized Cash Flow from Operations (Unaudited)

(In millions)



Six months ended June 30,


2021


2020

Net income

$

461.1

$

123.9



Adjustments to reconcile net income to net cash provided by operating activities:

Asset impairments

—

7.9

Depreciation and amortization

57.1

44.3

Stock-based compensation

17.2

10.1

Loss on disposal of assets

0.1

(0.3)

Loss (gain) on sale of franchises

5.2

(1.4)

Unrealized investment loss

(0.9)

—

Deferred income taxes

31.8

(4.9)

Amortization of operating lease right-of-use assets

16.5

13.5



(Increase) decrease:

Trade receivables, net

(185.0)

53.8

Inventories

663.1

624.7

Other assets

(103.0)

(14.8)



Increase (decrease):

Floor plan notes payable, net

47.0

(130.7)

Trade payables

97.4

0.3

Accrued liabilities

144.3

55.4

Other long-term liabilities and deferred revenue

11.6

8.2



Net cash provided by operating activities


$


1,263.5


$


790.0

 


Lithia Motors, Inc.


Reconciliation of Non-GAAP Cash Flow from Operations (Unaudited)

(In millions)



Six months ended June 30,



Net cash provided by operating activities


2021


2020

As reported

$

1,263.5

$

790.0

Floor plan notes payable, non-trade, net

(571.6)

(456.8)

Less: Borrowings on floor plan notes payable, non-trade associated with acquired new vehicle inventory

(271.5)

(22.3)



Adjusted


$


420.4


$


310.9

 


Lithia Motors, Inc.


Reconciliation of Certain Non-GAAP Financial Measures (Unaudited)

(In millions, except for per share data)



Three Months Ended June 30, 2021



As reported



Net disposal
loss on sale
of stores



Investment
gain



Insurance
reserves



Acquisition
expenses



Adjusted

Selling, general and administrative

$

634.0

$

(4.5)

$

—

$

(0.8)

$

(10.4)

$

618.3

Operating income

446.3

4.5

—

0.8

10.4

462.0

Other income (expense), net

7.6

—

(1.2)

—

—

6.4

Income before income taxes

419.4

4.5

(1.2)

0.8

10.4

433.9

Income tax (provision) benefit

(114.5)

(1.2)

0.3

(0.2)

(2.8)

(118.4)

Net income

$

304.9

$

3.3

$

(0.9)

$

0.6

$

7.6

$

315.5

Diluted earnings per share

$

10.75

$

0.12

$

(0.03)

$

0.02

$

0.26

$

11.12

Diluted share count

28.4



Three Months Ended June 30, 2020



As reported



Net disposal
gain on sale
of stores



Asset
impairment



Insurance
reserves



Acquisition
expenses



Tax attribute



Adjusted

Asset impairments

$

7.9

$

—

$

(7.9)

$

—

$

—

$

—

$

—

Selling, general and administrative

304.5

1.3

—

(5.0)

(0.5)

—

300.3

Operating income

129.7

(1.3)

7.9

5.0

0.5

—

141.8

Income before income taxes

108.3

(1.3)

7.9

5.0

0.5

—

120.4

Income tax (provision) benefit

(30.6)

0.4

(2.3)

(1.4)

(0.2)

(0.8)

(34.9)

Net income

$

77.7

$

(0.9)

$

5.6

$

3.6

$

0.3

$

(0.8)

$

85.5

Diluted earnings per share

$

3.38

$

(0.04)

$

0.24

$

0.16

$

0.01

$

(0.03)

$

3.72

Diluted share count

23.0

 


Lithia Motors, Inc.


Reconciliation of Certain Non-GAAP Financial Measures (Unaudited)

(In millions, except for per share data)



Six Months Ended June 30, 2021



As reported



Net disposal
loss on sale
of stores



Investment
gain



Insurance
reserves



Acquisition
expenses



Adjusted

Selling, general and administrative

$

1,084.2

$

(5.2)

$

—

$

(1.6)

$

(11.6)

$

1,065.8

Operating income

684.7

5.2

—

1.6

11.6

703.1

Other income (expense), net

11.1

—

(1.0)

—

—

10.1

Income before income taxes

630.9

5.2

(1.0)

1.6

11.6

648.3

Income tax (provision) benefit

(169.8)

(1.4)

0.3

(0.4)

(3.1)

(174.4)

Net income

$

461.1

$

3.8

$

(0.7)

$

1.2

$

8.5

$

473.9

Diluted earnings per share

$

16.69

$

0.14

$

(0.03)

$

0.04

$

0.31

$

17.15

Diluted share count

27.6



Six Months Ended June 30, 2020



As reported



Net disposal
gain on sale
of stores



Asset
impairment



Insurance
reserves



Acquisition
expenses



Tax attribute



Adjusted

Asset impairments

$

7.9

$

—

$

(7.9)

$

—

$

—

$

—

$

—

Selling, general and administrative

$

650.5

$

1.4

$

—

$

(5.8)

$

(1.0)

$

—

$

645.1

Operating income

222.6

(1.4)

7.9

5.8

1.0

—

235.9

Income before income taxes

172.5

(1.4)

7.9

5.8

1.0

—

185.8

Income tax (provision) benefit

(48.6)

0.4

(2.3)

(1.6)

(0.3)

(0.8)

(53.2)

Net income

$

123.9

$

(1.0)

$

5.6

$

4.2

$

0.7

$

(0.8)

$

132.6

Diluted earnings per share

$

5.32

$

(0.04)

$

0.24

$

0.18

$

0.03

$

(0.03)

$

5.70

Diluted share count

23.3

 


Lithia Motors, Inc.


Adjusted EBITDA and Net Debt to Adjusted EBITDA (Unaudited)

(In millions)



Three months ended June 30,


%



Six months ended June 30,


%



Increase



Increase


2021


2020



(Decrease)


2021


2020



(Decrease)




EBITDA and Adjusted EBITDA

Net income

$

304.9

$

77.7

292.4

%

$

461.1

$

123.9

272.2

%

Flooring interest expense

6.4

8.1

(21.0)

13.3

22.1

(39.8)

Other interest expense

28.1

16.8

67.3

51.6

33.8

52.7

Income tax expense

114.5

30.6

274.2

169.8

48.6

249.4

Depreciation and amortization

30.3

22.3

35.9

57.2

44.3

29.1

EBITDA

$

484.2

$

155.5

211.4

%

$

753.0

$

272.7

176.1

%

Other adjustments:

Less: flooring interest expense

$

(6.4)

$

(8.1)

(21.0)

$

(13.3)

$

(22.1)

(39.8)

Less: used vehicle line of credit interest

—

(0.1)

(100.0)

—

(0.3)

(100.0)

Add: acquisition expenses

10.4

0.5

1,980.0

11.6

1.0

1,060.0

Add: loss (gain) on divestitures

4.5

(1.3)

(446.2)

5.2

(1.4)

NM

Less: investment gain

(1.2)

—

NM

(1.0)

—

NM

Add: insurance reserves

0.8

5.0

(84.0)

1.6

5.8

(72.4)

Add: asset impairment

—

7.9

(100.0)

—

7.9

NM



Adjusted EBITDA


$


492.3


$


159.4


208.8


%


$


757.1


$


263.6


187.2


%

NM – not meaningful

 



As of


%



June 30,



Increase




Net Debt to Adjusted EBITDA


2021


2020



(Decrease)

Floor plan notes payable: non-trade

$

966.9

$

1,168.6

(17.3)

%

Floor plan notes payable

285.1

292.0

(2.4)

Used and service loaner vehicle inventory financing facility

—

40.0

(100.0)

Revolving lines of credit

200.0

—

NM

Real estate mortgages

612.8

636.9

(3.8)

Finance lease obligations

170.2

45.3

275.7

5.250% Senior notes due 2025

300.0

300.0

—

4.625% Senior notes due 2027

400.0

400.0

—

4.375% Senior notes due 2031

550.0

—

NM

3.875% Senior notes due 2029

800.0

—

NM

Other debt

2.2

2.7

(18.5)

Unamortized debt issuance costs

(27.2)

(10.4)

161.5

Total debt

$

4,260.0

$

2,875.1

48.2

%

Less: Floor plan related debt

$

(1,252.0)

$

(1,500.6)

(16.6)

%

Less: Cash and cash equivalents

(780.9)

(120.3)

549.1

Less: Availability on used vehicle and service loaner financing facilities

(653.4)

(281.9)

131.8



Net Debt


$


1,573.7


$


972.3


61.9


%

TTM Adjusted EBITDA

$

1,263.5

$

539.7

134.1

%



Net debt to Adjusted EBITDA


1.25



x


1.80



x

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/lithia–driveway-lad-reports-highest-second-quarter-earnings-in-company-history-increases-revenue-118-and-eps-218-301338132.html

SOURCE Lithia & Driveway

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Aurora Mobile Partners with Onion Global to Jointly Promote the Development of Next-Generation Lifestyle Brands

SHENZHEN, China, July 21, 2021 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading mobile developer service provider in China, today announced that it has entered into a partnership agreement with Onion Global Limited (NYSE: OG) (“Onion Global”) to jointly promote the development of next-generation lifestyle brands. By leveraging both parties’ experience and expertise in the new retail sector, Aurora Mobile will help Onion Global drive omni-channel marketing and distribution, monetize on brand curation and enhance the online shopping experience.

Founded in 2015, Onion Global is a next-generation lifestyle brand platform that incubates, markets and distributes the world’s fresh, fashionable and future brands (“3F brands”) to young people in China and all across Asia. Onion Global has an extensive showcase of more than 4,000 brands sourced from 43 countries and regions, and features 23 categories of lifestyle products. With its unique and strategic brand cooperation, incubation model, and global 3F brand portfolio, Onion Global has built a strong user base of key opinion consumers (KOCs) representing nearly 700,000 social media accounts. This live-streaming and social e-commerce network has replaced traditional marketing channels, and provides Onion Global with market insights, targeted demographics and advanced analytics to stay ahead of global consumer trends, especially the demands of young consumers in China.

In recent years, cutting-edge technologies such as AI, and the digital economy have continued to drive innovation in various industries and busines verticals. As consumer demand for smart shopping experiences continue to rapidly grow and evolve, digital capabilities of cross-border e-commerce platforms will have to be strengthened and become one of the core competencies to stay competitive in this fierce market. Through this partnership with Onion Global, Aurora Mobile will provide its AI-powered and machine learning-based targeted push notification services to help Onion Global enhance its digital capabilities that drive social interactions and consumer targeting. This cooperation demonstrates the industry-wide acclaim and trust that Aurora Mobile commands for the robust technology and services it offers to cross-border e-commerce platforms.

Aurora Mobile is a leading mobile developer service provider in China. For almost a decade, Aurora Mobile has focused on meeting the needs of developers and has launched a series of products to help them to improve operational efficiency, drive business growth and monetize services. As of March 2021, Aurora Mobile provided software development kits to over 1.73 million APPs. Recently, Aurora Mobile launched a Unification Messages System (“JG UMS”) to integrate several major messaging channels such as mobile Apps, WeChat official accounts, WeChat mini-programs, Short Message Service (“SMS”), emails, Fuwu Alipay and DingTalk, and enables businesses to reach targeted customers more efficiently through one integrated messaging platform.

About Aurora Mobile Limited

Founded in 2011, Aurora Mobile is a leading mobile developer service provider in China. Aurora Mobile is committed to providing efficient and stable push notification, one-click verification, and APP traffic monetization services to help developers improve operational efficiency, grow and monetize. Meanwhile, Aurora Mobile’s vertical applications have expanded to market intelligence, financial risk management, and location-based intelligence, empowering various industries to improve productivity and optimize decision-making.

For more information, please visit http://ir.jiguang.cn/

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SaaS-model; its ability maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

For general inquiry, please contact:

Aurora Mobile Limited

E-mail: [email protected]

Christensen

In China

Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: [email protected]

In US

Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected] 



Posted on

Intel and Airtel Collaborate to Accelerate 5G

Intel and Airtel Collaborate to Accelerate 5G

The collaboration is part of Airtel’s 5G roadmap as it transforms India’s networks to provide the full possibilities of a hyperconnected world.

SANTA CLARA, Calif.–(BUSINESS WIRE)–What’s New: Intel and Bharti Airtel (“Airtel”), India’s premier communications solutions provider, today announced a collaboration to drive network development of 4G and 5G virtualized radio access network (vRAN) and open radio access network (RAN) technology to transform Airtel’s networks to reap the full possibilities of 5G for its customers. Work by Intel and Airtel will evolve communications networks from fixed-function equipment to virtualized cloud-native deployments and enable edge-to-cloud communications to power our hyperconnected world.

“Being able to digitally power the vibrant population of India’s connected users requires scalable and agile networks that can evolve to address the growing demands of its users. Airtel is delivering their next-generation enhanced network with a breadth of Intel technology, including Intel® Xeon® Scalable processors and FlexRAN software to optimize RAN workloads with embedded intelligence, to scale their infrastructure and deliver on the promise of a connected India.”

— Dan Rodriguez, Intel corporate vice president, Network Platforms Group

How It Works: Airtel’s network will be powered by a collection of Intel technology: the latest Xeon Scalable processors, FPGAs and eASICs, Ethernet 800 Series, and FlexRAN reference architecture. Transforming its network to meet the growing needs of its more than 345 million subscribers with flexible, software-defined infrastructure will allow Airtel to rapidly respond to varying customer requirements for bandwidth and latency. By providing the foundation for wide-scale enhanced mobile broadband, mobile edge computing and network slicing, Airtel can offer new services for consumers while programming its network to yield long-term cost optimizations.

Why It Matters: Led by affordable smartphones and the lowest data tariffs globally, India has the world’s second-largest internet population at over 620 million.1 The country’s active internet user base is expected to grow to 900 million by 2025.1 The advent of 5G will further deepen the digital adoption through a range of industrial and customer use cases.

“Airtel is delighted to have Intel as a part of its rapidly expanding partner ecosystem for 5G,” said Randeep Sekhon, Bharti Airtel CTO. “Intel’s cutting-edge technologies and experience will contribute immensely to Airtel’s mission of serving India with world-class 5G services. We also look forward to working with Intel and home-grown companies to unlock India’s potential as a global 5G hub.”

The collaboration is part of Airtel’s 5G roadmap for India as it transforms networks to allow its customers to reap the full possibilities of a hyperconnected world where Industry 4.0, cloud gaming and virtual/augmented reality become everyday experiences. Airtel is the first telecom operator in India to demonstrate 5G over a live network and is conducting 5G trials in major cities.

What’s Next: As members of the O-RAN Alliance, both companies will work closely to develop a range of “Make in India” 5G solutions and enable world-class telecom infrastructure in India through local partners. Open RAN will be a future area of tremendous innovation and creativity, leveraging Intel FlexRAN, a reference architecture with both software and hardware components, and enabling software-based radio base stations that can run on general-purpose servers located at the network edge.

Intel Partner Stories:Intel Customer Spotlight on Intel.com | Partner Stories on Intel Newsroom

More Context:5G and Wireless Communications News

About Intel

Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Inspired by Moore’s Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers’ greatest challenges. By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. To learn more about Intel’s innovations, go to newsroom.intel.com and intel.com.

1https://cms.iamai.in/Content/MediaFiles/7d9fac50-7cac-43df-93c9-0cf34fb52403.pdf

© Intel Corporation. Intel, the Intel logo and other Intel marks are trademarks of Intel Corporation or its subsidiaries. Other names and brands may be claimed as the property of others.

Krista Foxwell

1-503-349-6855

[email protected]

KEYWORDS: United States India North America Asia Pacific California

INDUSTRY KEYWORDS: Technology Mobile/Wireless Semiconductor Security Telecommunications Software Networks Internet Data Management

MEDIA:

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bluebird bio Receives EC Approval for SKYSONA™ (elivaldogene autotemcel, Lenti-D™) Gene Therapy for Patients Less Than 18 Years of Age With Early Cerebral Adrenoleukodystrophy (CALD) Without Matched Sibling Donor

bluebird bio Receives EC Approval for SKYSONA™ (elivaldogene autotemcel, Lenti-D™) Gene Therapy for Patients Less Than 18 Years of Age With Early Cerebral Adrenoleukodystrophy (CALD) Without Matched Sibling Donor

SKYSONA is the first and only gene therapy approved in the EU to treat early CALD

CALD is a rare neurodegenerative disease that can lead to progressive, irreversible loss of neurologic function, and death

One-time treatment with SKYSONA has been shown to have a durable effect in improving survival outcomes and preserving neurologic function across pivotal and long-term studies, with the longest follow-up of nearly seven years (82.7 months)

SKYSONA uses the patient’s own blood stem cells and there have been no reports of graft-versus-host disease (GVHD), graft failure or rejection, or transplant-related mortality (TRM) (n=51) across clinical studies to-date

CAMBRIDGE, Mass.–(BUSINESS WIRE)–bluebird bio, Inc. (Nasdaq: BLUE) today announced that the European Commission (EC) has granted marketing authorization of SKYSONA™(elivaldogene autotemcel, Lenti-D™), a one-time gene therapy for the treatment of early cerebral adrenoleukodystrophy (CALD) in patients less than 18 years of age with an ABCD1 genetic mutation, and for whom a human leukocyte antigen (HLA)-matched sibling hematopoietic (blood) stem cell (HSC) donor is not available. SKYSONA is the first one-time gene therapy approved in the European Union (EU) to treat CALD, a rare neurodegenerative disease that occurs in childhood and can rapidly lead to progressive, irreversible loss of neurologic function, and death.

Adrenoleukodystrophy (ALD) is a rare, X-linked metabolic disorder that primarily affects males; worldwide, an estimated one in 21,000 male newborns are diagnosed with ALD. The disorder is caused by mutations in the ABCD1 gene that affect the production of adrenoleukodystrophy protein (ALDP) and subsequently causes toxic accumulation of very long-chain fatty acids (VLCFAs), primarily in the adrenal gland and white matter of the brain and spinal cord. Approximately 40% of boys with ALD will develop CALD, the most severe form of ALD. CALD is a progressive and irreversible neurodegenerative disease that involves the breakdown of myelin, the protective sheath that nerve cells need to function effectively, especially for thinking and muscle control. The onset of symptoms of CALD typically occurs in childhood (median age 7).1 Early diagnosis of CALD is essential as the outcome of treatment varies with the clinical stage of the disease. Therefore, treatment must be administered before the disease progresses too far.

“SKYSONA is the first and only one-time gene therapy approved in the EU for patients with CALD, a devastating neurodegenerative disease, and we are immensely grateful to all who have brought us to this milestone, from the patients and their loved ones, to all study investigators, regulators, the ALD community and of course, the extended bluebird family,” said Andrew Obenshain, president, severe genetic diseases, bluebird bio. “bluebird bio was founded with the mission of developing a therapy to recode CALD on the genetic level, and today’s announcement represents over twenty years of research and development that has laid the groundwork for future gene therapies to be possible.”

SKYSONA is a one-time gene therapy custom-designed to treat the underlying cause of the neurologic condition CALD. SKYSONA uses ex vivo transduction with the Lenti-D lentiviral vector (LVV) to add functional copies of the ABCD1 gene into a patient’s own HSCs. The addition of the functional ABCD1 gene allows patients to produce the ALD protein (ALDP), which is thought to facilitate the breakdown of VLCFAs. The expression of ALDP and effect of SKYSONA is expected to be life-long. The goal of treatment with SKYSONA is to stop the progression of CALD and, consequently, preserve as much neurological function as possible, including the preservation of motor function and communication ability. Importantly, with SKYSONA, there is no need for donor HSCs from another person.

Previously, the only therapeutic option available to CALD patients was transplantation of stem cells from a donor, called allogeneic hematopoietic stem cell transplant (allo-HSCT), which is associated with severe potential complications and mortality that increase in patients without a matched sibling donor (MSD). It is estimated that more than 80% of patients diagnosed with CALD do not have an MSD.

SKYSONA was reviewed as part of the European Medicines Agency’s Priority Medicines scheme (PRIME) and was previously granted Orphan Medicinal Product status. The marketing authorization is valid in all 27 member states of the EU, as well as Norway, Liechtenstein, and Iceland.

Data Supporting Clinical Profile of SKYSONA From Clinical Development Program

ALD-102 and ALD-104

The marketing authorization of SKYSONA is supported by efficacy and safety data from the Phase 2/3 Starbeam study (ALD-102). Additionally, the Phase 3 ALD-104 study (N=19; as of October 2020) is ongoing. All patients who completed ALD-102, as well as those who will complete ALD-104, will be asked to participate in a long-term follow-up study (LTF-304).

The primary efficacy endpoint of the pivotal ALD-102 study was Major Functional Disabilities (MFD)-free survival, measuring the proportion of patients who did not have any of the six MFDs, were alive, did not receive a second allo-HSCT or rescue cell administration, and had not withdrawn or been lost to follow-up at Month 24. In ALD-102, 32 patients have been treated with SKYSONA and, as of October 2020, 30 of 32 patients were evaluable for follow-up at Month 24. As of the data cutoff date, 90% (27/30) of the patients met the Month 24 MFD-free survival endpoint. As previously reported, two patients withdrew from the study at investigator discretion, and one experienced rapid disease progression early in the study, resulting in MFDs and subsequent death.

In ALD-102, 26 of 28 evaluable patients maintained a neurologic function score (NFS) less than or equal to 1 through Month 24, and 24 of those patients had no change in their NFS, which showed maintenance of neurological function in the majority of patients. All patients who completed ALD-102 enrolled for long-term follow-up in the LTF-304 study.

SKYSONA showed a durable effect on MFD-free survival, with most patients (26/27, 96.3%) that enrolled in LTF-304 remaining alive and maintaining their MFD-free status through their last follow-up on study. The median duration of follow-up was 3.2 years (38.6 months; min.: 13.4; max.: 82.7) and 14 patients reached at least their Year 5 follow-up visit. One patient enrolled in LTF-304 but refused further follow-up later.

The treatment regimen, comprising stem cell mobilization and collection, conditioning, and SKYSONA infusion, had a safety/tolerability profile primarily reflective of the known effects of mobilization/apheresis and conditioning.

Adverse reactions attributed to SKYSONA observed in clinical trials include cystitis viral, pancytopenia, and vomiting.

There have been no reports of graft-versus-host-disease (GVHD), graft failure or rejection, transplant-related mortality (TRM), or replication competent lentivirus in the 51 patients treated with SKYSONA in clinical studies (ALD-102/LTF-304 and ALD-104). Clonal expansion resulting in clonal predominance has been detected in some patients treated with SKYSONA. While there have been no reports of lentiviral vector-mediated oncogenesis, including myelodysplasia, leukemia, or lymphoma, associated with SKYSONA, there is a potential risk of malignancy after treatment with SKYSONA.

For further details, please see the Summary of Product Characteristics (SmPC).

ALD-103

The efficacy and safety of allo-HSCT in patients with CALD was observed in a contemporaneous comparator study ALD-103 (N=59), which assessed safety and efficacy outcomes of this therapeutic option in boys 17 years of age or younger with CALD. Of the 59 patients, 27 patients matched the ALD-102 population based on disease characteristics. This population was further divided into those who received an allo-HSCT from an MSD (N=10; ALD-103 Efficacy Population with MSD) and those who received an allo-HSCT from an alternative donor source, i.e., not an MSD (N=17; ALD-103 Efficacy Population without MSD). Proportion of MFD-free survival at Month 24 was analyzed in ALD-102 (90% [95% CI: 73.5, 97.9]; 27/30 evaluable patients) and compared to 17 patients treated with allo-HSCT without an MSD in ALD-103 (66.7% [95% CI: 29.9, 92.5]; 6/9 evaluable patients).

The proportion of evaluable patients who experienced either acute (≥ Grade II) or chronic GVHD in ALD-102 vs. ALD-103 by Month 24, was 0 vs. 52%. No patients experienced TRM, a secondary endpoint, at 100 days or 365 days after transplant in ALD-102 and ALD-104. In contrast, 2/59 (3.4%) patients experienced TRM at 100 days and 8/59 (13.6%) patients experienced TRM at 365 days after transplant in the ALD-103 Safety Population.

About SKYSONA (elivaldogene autotemcel, formerly Lenti-D™ gene therapy)

The U.S. Food and Drug Administration (FDA) granted SKYSONA Orphan Drug status, Rare Pediatric Disease designation and Breakthrough Therapy designation for the treatment of CALD. bluebird bio is currently on track to submit the Biologics License Application (BLA) in the U.S. by mid-2021.

In the EU, SKYSONA is approved for the treatment of early CALD in patients less than 18 years of age with an ABCD1 genetic mutation, and for whom an HLA-matched sibling HSC donor is not available. A marketing authorization application for SKYSONA is currently under review by the Medicines and Healthcare products Regulatory Agency (MHRA) in Great Britain.

The Phase 3 ALD-104 study, designed to assess the efficacy and safety of SKYSONA after myeloablative conditioning using busulfan and fludarabine in patients with CALD, is approaching enrollment completion; enrollment in Europe is closed.

The Phase 2/3 Starbeam study (ALD-102) is complete. For more information about our studies, visit: www.bluebirdbio.com/our-science/clinical-trialsor clinicaltrials.gov.

Additionally, bluebird bio is conducting a long-term safety and efficacy follow-up study (LTF-304) for patients who have been treated with SKYSONA for CALD and completed two years of follow-up in bluebird bio-sponsored studies. Patients treated with SKYSONA in Europe are expected to enroll in the REG-502 Stargazer registry.

About CALD Early Diagnosis

Early diagnosis of CALD is essential, as the outcome of treatment varies with the clinical stage of the disease. Therefore, treatment must be administered before the disease progresses too far. Newborn screening is a critical enabler of early diagnosis for ALD and provides access to a window for the timely commencement of available therapies. Once a patient has been diagnosed with ALD, regular MRI scans are critical to detect white matter changes indicative of progression to CALD as, currently, there is no way to predict who with ALD will develop CALD. In the absence of newborn screening for ALD, early detection of ALD symptoms is crucial to allow for timely treatment.

Unfortunately, in most EU countries, there is no newborn screening for ALD, and therefore it is difficult to detect patients at risk of developing CALD.

In the U.S., newborn screening for ALD was added to the Recommended Universal Screening Panel in February 2016 and is currently active in 20 states and the District of Columbia, accounting for >60% of U.S. newborns.

About bluebird bio, Inc.

bluebird bio is pioneering gene therapy with purpose. From our Cambridge, Mass., headquarters, we’re developing gene and cell therapies for severe genetic diseases and cancer, with the goal that people facing potentially fatal conditions with limited treatment options can live their lives fully. Beyond our labs, we’re working to positively disrupt the healthcare system to create access, transparency, and education so that gene therapy can become available to all those who can benefit.

bluebird bio is a human company powered by human stories. We’re putting our care and expertise to work across a spectrum of disorders: cerebral adrenoleukodystrophy, sickle cell disease, β-thalassemia, and multiple myeloma, using gene and cell therapy technologies including gene addition, and (megaTAL-enabled) gene editing.

bluebird bio has additional nests in Seattle, Wash.; Durham, N.C.; and Zug, Switzerland. For more information, visit bluebirdbio.com.

Follow bluebird bio on social media: @bluebirdbio, LinkedIn, Instagram and YouTube.

SKYSONA and bluebird bio are trademarks of bluebird bio, Inc.

Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the company’s expectations and plans for regulatory submissions and approvals for eli-cel in the United States. Any forward-looking statements are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the risk that the Starbeam Study will be insufficient to support regulatory submissions or marketing approval in the U.S., or that the FDA may require additional data or information beyond our current expectations, the risk that our submissions for regulatory approval in the U.S. will not be submitted or accepted for filing by the FDA on the timeframe we expect or at all; and the risk that eli-cel is associated with insertional oncogenesis or other safety events that impact the risk-benefit profile of the therapy; the risk that our commercialization of SKYSONA in the European Union will not be successful; and the risk that we are not able to negotiate a price or obtain reimbursement for eli-cel or our other products sufficient to support commercialization in Europe or the United States. For a discussion of other risks and uncertainties, and other important factors, any of which could cause our actual results to differ from those contained in the forward-looking statements, see the section entitled “Risk Factors” in our most recent Form 10-Q, as well as discussions of potential risks, uncertainties, and other important factors in our subsequent filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and bluebird bio undertakes no duty to update this information unless required by law.

 

1 Mallack et al. MRI surveillance of boys with X-linked adrenoleukodystrophy identified by newborn screening: Meta-analysis and consensus guidelines. J Inherit Metab Disease 2021. 44(3):728-39.

Media:

Victoria von Rinteln, 617-914-8774

[email protected]

Investors:

Elizabeth Pingpank, 617-914-8736

[email protected]

KEYWORDS: Europe United States North America Canada Massachusetts

INDUSTRY KEYWORDS: Research General Health Pharmaceutical Consumer Genetics Teens Clinical Trials Science Children Biotechnology Medical Supplies Stem Cells Health

MEDIA:

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CNOOC Limited Announces Luda 29-1 Oilfield Commences Production

PR Newswire

HONG KONG, July 21, 2021 /PRNewswire/ — CNOOC Limited (the “Company”, SEHK: 00883, NYSE: CEO, TSX: CNU) today announced that Luda 29-1 oilfield has commenced production.

Luda 29-1 oilfield is located in Liaodong Bay of Bohai Sea, with water depth of about 32 meters. In addition to fully utilizing the existing processing facilities of Luda 21-2/Luda 16-3 oilfield, the project has also built a new wellhead platform, with 7 development wells planned in total, including 4 production wells, 2 water injection wells and 1 water source well. The project is expected to reach its peak production of approximately 4,440 barrels of crude oil per day in 2021.

CNOOC Limited holds 100% interest in Luda 29-1 oilfield and acts as the operator.

– End –

Notes to Editors:

More information about the Company is available at


http://www.cnoocltd.com


.

*** *** *** ***

This press release includes “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospectus or financial results. The words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate under the circumstances. However, whether actual results and developments will meet the expectations and predictions of the Company depends on a number of risks and uncertainties which could cause the actual results, performance and financial condition to differ materially from the Company’s expectations, including but not limited to those associated with fluctuations in crude oil and natural gas prices, macro-political and economic factors, changes in the tax and fiscal regimes of the host countries in which we operate, the highly competitive nature of the oil and natural gas industry, the exploration and development activities, mergers, acquisitions and divestments activities, environmental responsibility and compliance requirements, foreign operations and cyber system attacks. For a description of these and other risks and uncertainties, please see the documents the Company files from time to time with the United States Securities and Exchange Commission, including the Annual Report on Form 20-F filed in April of the latest fiscal year.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.

*** *** *** ***

For further enquiries, please contact:

Ms. Jing Liu
Manager, Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-3404
Fax: +86-10-8452-1441
E-mail: [email protected]

Bunny Lee

Porda Havas International Finance Communications Group
Tel: +852 3150 6707
Fax: +852 3150 6728
E-mail: [email protected]

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SOURCE CNOOC Limited

Posted on

Barclays appoints Pier Luigi Colizzi as Head of Investment Banking, Continental Europe

Barclays appoints Pier Luigi Colizzi as Head of Investment Banking, Continental Europe

LONDON–(BUSINESS WIRE)–
Barclays today announces that Pier Luigi Colizzi, currently Head of M&A for Europe, Middle East and Africa, has been appointed Head of Investment Banking for Continental Europe. As part of his new responsibilities, Pier Luigi will join the Barclays Europe Executive Committee.

He has 27 years of investment banking experience and during his career has advised clients on more than US$200bn worth of M&A transactions. He joined Barclays in 2012 to lead its Investment Banking business in Italy, before becoming Head of M&A EMEA in 2015. He has been instrumental in advising important clients on their landmark M&A transactions including ENEL, Telenor, Fortum, Masmovil, Total, Macquarie, OMV, Mitsubishi, Tom Tom and others.

Pier Luigi will retain M&A responsibilities in Europe and more details on the M&A leadership structure in the region will be shared in due course.

Reid Marsh, Head of Investment Banking, Europe, Middle East and Asia Pacific, commented: “This appointment reflects our focus on Continental Europe as we add senior talent to the banking platform and generate synergies with our Markets, Corporate Banking and Private Bank businesses.”

Francesco Ceccato, CEO, Barclays Europe commented: “Barclays Europe aims to be a consistent top tier bank in Continental Europe and Pier Luigi’s leadership skills, strong client relationships and strategic insight will help us achieve that target.”

Press:

Tom Sullivan

+447796706678

[email protected]

KEYWORDS: United Kingdom Europe

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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Two CSPs in APAC Select Allot Secure Solutions to Provide Cybersecurity Services to Consumer and SMB Customers

Fixed and Mobile CSPs and Allot will share recurring revenues generated by monthly service fees.

Hod Hasharon, Israel, July 21, 2021 (GLOBE NEWSWIRE) — Allot Ltd. (NASDAQ: ALLT) (TASE: ALLT), a leading global provider of innovative network intelligence and security-as-a-service (SECaaS) solutions for communication service providers (CSPs) and enterprises, today announced that two fixed and mobile operators in APAC will offer cybersecurity services to their consumer and SMB customers  in several countries based on the unified family of Allot Secure solutions. Each CSP and Allot will share recurring revenues generated by monthly service fees.

 

One of the CSPs will deploy Allot Secure to provide 360 degree cybersecurity protection for the CSPs’ consumer customers when they are connected to the mobile network using the Allot NetworkSecure solution and on their home routers with the Allot HomeSecure solution. Their SMB customers will be protected from cyberthreats by the Allot BusinessSecure solution when they are connected to their business networks. The second CSP will protect their consumer and SMB customers using NetworkSecure and also EndpointSecure, a solution which ensures that the customer is protected from cyberthreats even when they are off the provider’s network

 

The Allot Secure family of solutions provides network-based protection against a wide variety of cyber attacks such as malware, viruses, ransomware and phishing attacks. The NetworkSecure solution also gives parents peace of mind with parental controls that offer configurable protection for their children when they use their devices.

 

“Our unified 360 degree cybersecurity service offering played an important part in these CSPs’ decisions to choose Allot,” said Oren Coral, VP Sales, APAC for Allot. “The family of Allot Secure solutions fit perfectly into their strategies to offer their customers cybersecurity services while adding value to their brand and increasing revenues.”

 

###

 

Additional Resources:

Allot Blog: https://www.allot.com/blog

Allot On-air Podcast: https://www.allot.com/resources/podcasts

Follow us on Twitter: @allot_ltd

Follow us on LinkedIn: https://www.linkedin.com/company/allot-communications

 

About Allot

Allot Ltd. (NASDAQ: ALLT, TASE: ALLT) is a provider of leading innovative network intelligence and security solutions for service providers and enterprises worldwide, enhancing value to their customers. Our solutions are deployed globally for network and application analytics, traffic control and shaping, network-based security services, and more. Allot’s multi-service platforms are deployed by over 500 mobile, fixed and cloud service providers and over 1000 enterprises. Our industry-leading network-based security as a service solution has achieved over 50% penetration with some service providers and is already used by over 20 million subscribers globally.

Allot. See. Control. Secure.

Forward-Looking Statement

This release contains forward-looking statements, which express the current beliefs and expectations of company management. Such statements involve a number of known and unknown risks and uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: acceptance of our products by our reseller and customer in EMEA, our ability to compete successfully with other companies offering competing technologies; the loss of one or more significant customers; consolidation of, and strategic alliances by, our competitors, government regulation; lower demand for key value-added services; our ability to keep pace with advances in technology and to add new features and value-added services; managing lengthy sales cycles; operational risks associated with large projects; our dependence on third-party channel partners for a material portion of our revenues; and other factors discussed under the heading “Risk Factors” in the Company’s annual report on Form 20-F filed with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.



Seth Greenberg
Allot
0549222294
[email protected]

Posted on

Cashback with the highest and fastest rewards on the Spanish market, Dify, ships for non-Opera users

– New Dify by Opera now available in Opera GX browser and as an extension for Firefox and Chrome with automatic cashback detection

– Reduces time to receive cashback and adds PayPal as payout method

– In just three months, the fintech has managed to close deals with more than 400 merchants, including leading retail, technology and travel sites

– Spain is the first market where Dify has launched with more European markets to follow

PR Newswire

OSLO, Norway, July 21, 2021 /PRNewswire/ — Today, Dify, the cashback with the highest and fastest rewards* from Opera, one of the world’s major browser providers with hundreds of million of monthly active users globally, will be available in Opera GX, Opera’s unique browser for gamers, as well as an extension for Chrome, Firefox, and other Chromium based browsers to extend its benefits to a larger audience.

When using the Dify cashback browser extension, users can now automatically collect cashback on their online purchases every time they shop online. Not only do they get notified when cashback is available, but they can also review deals and search for participating brands. Additionally, they have direct access to their cashback profile where they can view the cashback status from previous purchases and transaction history.

Similarly, Dify has added a new feature to its cashback called Hot Deals. This benefit allows users to find the best deals of the day with cashback up to 5 times higher than the usual cashback offered by these merchants.

John Toskey, VP E-Commerce at Opera, said, “Dify was born to revolutionize financial services. We started with online shopping and in just three months we have managed to offer the best and fastest cashback for our users,  securing partnerships with the main players in the sector. We want Spaniards to get the highest cashback when shopping online.”

The company has also announced that it has added PayPal as a payout method, allowing Dify users to receive cashback paid out to their PayPal account.

Partnership with leading brands in sectors such as tech, retail and travel

Dify has surpassed 400 merchant partners in Spain in just three months since its launch. Merchants include companies such as Media Markt, Booking, AliExpress, SHEIN and DIA.

The Dify cashback service, which chose Spain as its first market, has closed deals with the main retail, technology, and travel sites. Dify has also managed to reduce the waiting time to receive cashback to 30 days for the majority of its partners, significantly less than the industry average which can be as long as 365 days.

How Dify works

Dify allows users to get cashback for their online purchases. In addition, those who choose to pay with the Dify card will receive additional cashback. The Dify cashback service is currently offered in Spain with more European markets to follow in the future. For more information go to https://dify.cc/et1.   

About Dify
Dify built by Opera, uses the company‘s expertise and track record in delivering cutting-edge internet browsers and has been specifically designed to bring an intuitive, mobile-first approach to financial services. Dify uses technology from the Opera browser and has been crafted and designed in Europe to provide modern shoppers  with the highest quality online experience by making it safer, more personal and more rewarding.

About Opera
Founded in 1995 in Norway, Opera delivers browsers and AI-driven digital content discovery solutions to millions of people worldwide. The quickly growing company remains one of the most innovative browser creators in the world. Opera is listed on Nasdaq under the OPRA ticker symbol.

* Based on the analysis run by Opera Norway AS between 19th and 20th of April 2021 comparing 104 shops and 8 competitors of Dify cashback in Spain

 

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SOURCE Opera Limited

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Clarivate Introduces Cortellis Supply Chain Network™, a Revolutionary Digital Partnering Solution

Enabling manufacturers to establish sound pharma supply chains for APIs, dose forms, excipients, intermediates and more

PR Newswire

LONDON, July 21, 2021 /PRNewswire/ — Clarivate Plc (NYSE: CLVT), a global leader in providing trusted information and insights to accelerate the pace of innovation, today announced the launch of the Cortellis Supply Chain Network™, a part of the Cortellis suite of life science intelligence solutions. The solution supports generics companies, Active Pharmaceutical Ingredients (API) manufacturers, fine chemical manufacturers, excipient manufacturers, raw materials suppliers, and biopharma in their pursuit to maintain a steady supply chain — ultimately making therapies easily accessible to all patients. The Cortellis Supply Chain Network can connect more than 70K+ companies – buyers and sellers – with more data added by the expert research team and directly by users every day.

Vulnerabilities in pharma supply chains have been an increasingly important focus in the industry with the coronavirus pandemic further exposing shortcomings within the global supply chain.1 These vulnerabilities have led key industry players, from manufacturers to government bodies, to proactively monitor and mitigate supply risk. Identifying new suppliers and contacts within generics and biopharma companies to provide APIs or excipients for drug manufacturing can often be challenging for procurement, sourcing teams and manufacturers. Buyers find it difficult to keep track of new manufacturers and existing manufacturers’ expansion into new capabilities – and sellers find it challenging to stand out from the competition. 

Cortellis Supply Chain Network provides buyers and sellers with a secure marketplace that allows them to identify potential partners, connect with the right point of contact, and efficiently manage all steps, from quotation to finalizing the deal. With an increased demand for more accessible therapies, the network will enable industry players to build robust supply chains and identify alternate sources during unprecedented times.

Identifying alternate API sources and other critical ingredients to prevent manufacturing delays caused by unexpected events, can help build a resilient supply chain. Cortellis Supply Chain Network provides access to continuously updated manufacturing data, saving users time in confidently assessing potential partners. High-quality product data is paired with primary research on API manufacturers to verify their pipeline and manufacturing capabilities. Users can monitor and manage supply risk with insights on the latest inspections, warning letters, GMP Certificates, supply issues and more. In addition, it provides users with personalized updates, documentation, and alerts to support overall supply transparency in the industry.

Keith Collier SVP Product – Science, Clarivate, said: “The COVID-19 pandemic put a spotlight on drug supply chains across the globe, especially for critical and essential medicines. Although the generics industry has long identified an over-reliance on China and India to supply APIs and key starting materials, the pandemic highlighted a critical need for greater transparency and reliable supply chains.  As an organization committed to supporting customers across the entire drug, device and medical technology lifecycles to drive clinical and commercial success, Clarivate developed the Cortellis Supply Chain Network, which aims to open communication channels between manufacturers, provide insights on supply capabilities or vulnerabilities and facilitate deal-making.”

The Cortellis Supply Chain Network is powered by the Clarivate Research Intelligence Cloud™ — allowing more comprehensive research and analysis during market assessment activities. The Cortellis Supply Chain Network is just one of the many investments Clarivate has made and will continue to make – expanding and enhancing its suite of life science intelligence solutions in response to customer needs.

To learn more, visit the Cortellis Supply Chain Network
here
.

About Clarivate

Clarivate™ is a global leader in providing solutions to accelerate the lifecycle of innovation. Our bold mission is to help customers solve some of the world’s most complex problems by providing actionable information and insights that reduce the time from new ideas to life-changing inventions in the areas of science and intellectual property. We help customers discover, protect and commercialize their inventions using our trusted subscription and technology-based solutions coupled with deep domain expertise. For more information, please visit clarivate.com.

Media Contact

Catherine Daniel

[email protected]

1 Fitzhugh, Michael. “Experts seek path to building a more resilient drug supply chain.” BioWorld, https://www.bioworld.com/articles/506084-experts-seek-path-to-building-a-more-resilient-drug-supply-chain?v=preview. April 19, 2021.

 

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SOURCE Clarivate Plc

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DaVita Inc. Schedules 2nd Quarter 2021 Investor Conference Call

PR Newswire

DENVER, July 21, 2021 /PRNewswire/ — DaVita Inc. (NYSE: DVA), announced today that it will hold its quarterly conference call to discuss second quarter results on Tuesday, August 3, 2021, at 5:00 p.m. Eastern Time. The company plans to release its results after market close the same day.

This call is also being webcast and can be accessed at the DaVita IR web page. You can join this call as follows: 

Tuesday, August 3, 2021

Starting at 5:00 p.m. EDT
Dial in number: 877-918-6630
International dial in: 517-308-9042
Webcast: investors.davita.com

When calling in, please provide the operator the password “Earnings” and provide your name and company affiliation. Investors unable to listen to the conference call will be able to access a replay via our website at investors.davita.com. There will be no telephone replay.

About DaVita Inc.
DaVita (NYSE: DVA) is a health care provider focused on transforming care delivery to improve quality of life for patients globally. The company is one of the largest providers of kidney care services in the U.S. and has been a leader in clinical quality and innovation for more than 20 years. Through DaVita Kidney Care, the company treats patients with chronic kidney failure and end stage kidney disease. DaVita is committed to bold, patient-centric care models, implementing the latest technologies and moving toward integrated care offerings for all. Through these efforts, DaVita has also become the largest provider of home dialysis in the country. As of March 31, 2021, DaVita served 202,600 patients at 2,827 outpatient dialysis centers in the United States. The company also operated 323 outpatient dialysis centers in ten countries worldwide. DaVita has reduced hospitalizations, improved mortality, and worked collaboratively to propel the kidney care industry to adopt an equitable and high-quality standard of care for all patients, everywhere. To learn more, visit DaVita.com/About.

Contact Information

Investors:
Jim Gustafson
[email protected]

 

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SOURCE DaVita Inc.